Do you want to Test and Validate Your New Business Idea? Here are some tips…

Do you have a creative and breathtaking business idea that could possibly develop and metamorphose an industry?

Do you need to discover a technique to test this idea without spending a lot of money and time?

To raise money, find co-founders, scale your business, you will need the results from your test. Nevertheless, how to do so?

Below are some tips…

Know who else is doing it

At first, you need to do some analysis of the competitive landscape of the business. Using google search, try to find out the industries that offer similar products and services. You have to answer these questions: Is someone else already doing what you want to do? How similar / different is your idea? Can you do it better than the competition (provide the service for less, make it more convenient, etc.)? Is there room for your idea given the current landscape?

Develop a Website

The next step will be to develop a brief website. You can use website builders such as Wix or Squarespace, which can facilitate the task of running a short website in a few minutes. You do not have to master any coding or web design. You will only need to put the basic information on your website at this point, i.e., description of your product or service, the reasons why people have to buy it, your background, etc….

Create a Customer Persona

Customer personas are fictional, generalized characters that build a picture of a company’s ideal and largest markets. In addition to demographic information like age, location and income, these personas also include psychographic information like interests, reasons for buying and concerns. Try to create such a persona for your representative customer and always keep on updating this persona, as you know more about the market and your customers.

Always Ask for Feedback From Industry Experts

Stay in contact with the people in the industry and ask for their feedback. Try to know and understand their thoughts on the strengths and weaknesses of your idea, and what you need to do make it successful. Their feedback may be very helpful to boost your idea, website, and customer persona.

Implement a campaign to reach your customers

When you know who your customers will be, try to work on reaching them by several ways such as AdWords, email marketing, ads in a publication, attending events, etc. Use multiple tactics.

Find at Least Three Customers Willing to Pay

Try to find at least three customers who are interested in paying for your product or service. You need three customers to be sure that your product provides value.